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May 5, 2014
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this is very important for spain. an economy that is still dragging itself off its knees in place of the financial crisis. and also, the day you're building in spain, which needs an investment, we are also dealing with a rather strong euro. how do you hedge that out and minimize the impact? bear in mind, it's a euro denominated export going for the rest of the world. >> well, this takes a very long-term view. obviously currency fluctuations depend on a monthly basis depending on where you are, so this is specifically because this is a sensor of commercial excellence on this end. so we have a long-standing history and long-standing production plant that we have in europe and it is a sense of commercial vehicle excellence. so we take a long-term view in terms of the commitment. there's over 100 million euros of investment into barcelona and means more products are being brought to barcelona. we have a hatchback coming in the second half of this year, so we are very committed in spain and we have obviously that strong in
this is very important for spain. an economy that is still dragging itself off its knees in place of the financial crisis. and also, the day you're building in spain, which needs an investment, we are also dealing with a rather strong euro. how do you hedge that out and minimize the impact? bear in mind, it's a euro denominated export going for the rest of the world. >> well, this takes a very long-term view. obviously currency fluctuations depend on a monthly basis depending on where you...
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May 16, 2014
05/14
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. >> the markets know very well the situation, the financial situation of portugal, of spain, of italy and so on. the result of the ecb policy is now showing the first. no doubts about the euro compass toy to that. that's the main explanation from the stress and confidence on the recovery of these countries. in second place, i think that the first message that the po portugal sent to the markets is very important because we are saying the bad years are in our back, of course, but we didn't forgot the situation. >> so one important person to our next important guest as ross just briefly mentioned there. i'm joined by fern nando, the ceo of banco at epi. the bond spreads we see for portugal on whether or not there's a disconnect with the fundamentals here. would you agree with that? >> no, i don't think so. the think the market is recognizing the majority -- that the portuguese have wanted to recover our country and used to have very significant external deficit. now we are in surplus. we have conservatived reduced the budget deficit, the economy is gradually picking up. investment is co
. >> the markets know very well the situation, the financial situation of portugal, of spain, of italy and so on. the result of the ecb policy is now showing the first. no doubts about the euro compass toy to that. that's the main explanation from the stress and confidence on the recovery of these countries. in second place, i think that the first message that the po portugal sent to the markets is very important because we are saying the bad years are in our back, of course, but we...
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May 6, 2014
05/14
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the market is now huang with a done like spain. but the question is how the largest economies have been reaching with with example. no, they are -- >> are you talking about france? >> i'm talking about all the large economies in europe. it means france but also germany. also maybe switcher land, us a tree, a some of the nor dick countries. structural change in countries like finland which have been going very well so far. so i think it's high time for everybody to look at theps in the here or and say have we really done what we needed to do. >> are they relying on draghi too much? >> the fed was so critically important in not falling in to a deeper hole than we would have. the european -- the uk central bank, bank of england, so important by their loose monetary policy, by saying interest rates will be low for a long time so come and get it. and that gave confidence that people reacted or acted upon those signals. in the case of the ecb, it's 18 different countries. 18 different situations, 18 different bond issues out there. some
the market is now huang with a done like spain. but the question is how the largest economies have been reaching with with example. no, they are -- >> are you talking about france? >> i'm talking about all the large economies in europe. it means france but also germany. also maybe switcher land, us a tree, a some of the nor dick countries. structural change in countries like finland which have been going very well so far. so i think it's high time for everybody to look at theps in...
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May 13, 2014
05/14
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>> if you see what's going on in the world, there's countries, spain, catalonia wants to leave spain. we have the scottish referendum coming up. the brand eu becomes even more important and it's not a koss meting resign of the brand, it's more about telling people the truths about europe, xplaning what europe is doing for them and also show them that other nations believe in the european union and they want it to continue. >> isn't that something that needs to be done at the national level and not at a more broad level? if you're going to communicate a message like that, it has to be down at the granular level, surely. >> yes, you hit on one of the key problems we have with the brand in europe. national governments will never go to their citizens and sell them the brand of europe because they use europe also as a scapegoat for the national problems. >> absolutely. >> that's one of the problems we have, nation states are not in charge of the brand of europe. it seems also brussels is not doing a very good job with it. >> is it also a bit late, one week away now, if you look across coun
>> if you see what's going on in the world, there's countries, spain, catalonia wants to leave spain. we have the scottish referendum coming up. the brand eu becomes even more important and it's not a koss meting resign of the brand, it's more about telling people the truths about europe, xplaning what europe is doing for them and also show them that other nations believe in the european union and they want it to continue. >> isn't that something that needs to be done at the...
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May 27, 2014
05/14
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they celebrated spain and celebrated arenzi in particular. he said we're not going to have elections, this government will remain until 2018. do you buy into that? >> in italy, we have seen a drop recently. it is coming back. our strategy for peripheral bond is coming back. we'll have further news on the 5th of june, we think italy, spain, it is probably the right thing to do. the expectation is not incredibly high. now the yield is obviously much lower than six months ago. >> yannick, great to get your thoughts as always. yannick naud, managing strategist. >>> ukrainian forces launched attacks on donetsk airports to take back control from pro-russian insurgents. dozens have been reported dead and injured in the clashes. while gas talks continue, the ukrainian prime minister says the gazprom must return $2.2 billion meters of gas stolen due to the annexation of crimea. steve is in kiev. i see this as positive that these gas talks are continuing. if we listen to nafta, the gazprom talks are pretty much stalled and the prime minister saying we
they celebrated spain and celebrated arenzi in particular. he said we're not going to have elections, this government will remain until 2018. do you buy into that? >> in italy, we have seen a drop recently. it is coming back. our strategy for peripheral bond is coming back. we'll have further news on the 5th of june, we think italy, spain, it is probably the right thing to do. the expectation is not incredibly high. now the yield is obviously much lower than six months ago. >>...
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May 26, 2014
05/14
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as far as bond rates are concerned, you can see yields in spain are lower down to 3% for italy. a little higher in france up to 1.83. and the euro/dollar is down to 1.3635. the dollar/yen is around the 102 mark after two-and-a-half week highs after plummeting 180 last week. >>> so the president-elect of ukraine parashenko wants to bring peace. he was the emphatic winner this week in the presidential elections easily beating his rival tumashenko. poroshenko made no promises to end the war but he should work on building a working relationship with vladimir putin. steve has been speaking to poroshenko, and steve, perhaps no coincidence as he gets announced as the president-elect. there are people taking over the airport in danesk. >> reporter: yes, it's no koups dense whatsoever. he said, i'm going to speak to the people and try to talk to them and explain what kiev isn't as well. and the separatists knew that and took over the airplane. i said, how can that happen when you knew this was a target and that they would go for the apple at the time? he said, that's incredible. the numb
as far as bond rates are concerned, you can see yields in spain are lower down to 3% for italy. a little higher in france up to 1.83. and the euro/dollar is down to 1.3635. the dollar/yen is around the 102 mark after two-and-a-half week highs after plummeting 180 last week. >>> so the president-elect of ukraine parashenko wants to bring peace. he was the emphatic winner this week in the presidential elections easily beating his rival tumashenko. poroshenko made no promises to end the...
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May 22, 2014
05/14
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from what we saw, that's being led by countries like spain, an island where reforms have really helped boost growth. now, countries that haven't enacted those reforms, anything to the extent of the likes of france and italy, that's where you're seeing the weakness. ecb can quite rightly point some fingers, saying this is not our fault. government needs to do more to get growth going in those countries. we're doing all we can, maybe some small measures will come in june as they've hinted at. i'm not expecting anything major. i think there will be small tweaks. >> do you think the ecb should be taking some action next month? even if they should cut the deposit rates to negative and a small cut in the refi rate? >> well, maybe. i think if anything, those small measures that i'm expecting are, if anything, going to be targeted at getting the euro down a bit if they can manage to do that. fundamentally, is a negative deposit rate going to change the economic fortune for the euro area? no, i don't think it is. maybe if they do clever stuff in directing better credit, abs, for example, at the
from what we saw, that's being led by countries like spain, an island where reforms have really helped boost growth. now, countries that haven't enacted those reforms, anything to the extent of the likes of france and italy, that's where you're seeing the weakness. ecb can quite rightly point some fingers, saying this is not our fault. government needs to do more to get growth going in those countries. we're doing all we can, maybe some small measures will come in june as they've hinted at. i'm...
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May 2, 2014
05/14
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. >> spain and italy trading below the u.s. and uk yields in the five-year part of the curve, way below australian yields, way below norwegian, korean yields. over a one-year period we think probably yields will be unstable much below these levels. >> that final point, spanish ten-year yields now below 3% for the first time in nine years they have been this morning. >>> some of the other stories we're following today, the s.e.c. is reportedly probing whether hedge funds may have acted improperly within they made bets on herbalife last year. the s.e.c. is gathering if they failed to disclose they were working up as a group when they loined up against bill ackman's short bet on the company. the s.e.c. is investigating which hedge fund managers attended a so-call ed idea conference. no one is being accused of any wrong doing. >>> general motors is back in the bankruptcy court today, seeking to temporarily halt lawsuits related to its massive ignition switch recall whilst a judge determines whether it should be held reliable. the r
. >> spain and italy trading below the u.s. and uk yields in the five-year part of the curve, way below australian yields, way below norwegian, korean yields. over a one-year period we think probably yields will be unstable much below these levels. >> that final point, spanish ten-year yields now below 3% for the first time in nine years they have been this morning. >>> some of the other stories we're following today, the s.e.c. is reportedly probing whether hedge funds may...
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May 23, 2014
05/14
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. >>> and spain's credit rating is raised to bbb. structural reforms are paying off for the country. >> the upgrade to the growth forecast for the coming years that we see are a reflection of some of the fruits being harvested of the structural reforms, labor markets reform that has been enacted. >>> you're watching "worldwide exchange," bringing you business news from around the globe. >>> warm welcome to today's edition of "worldwide exchange." plenty to get through. we start off with perhaps europe's most important economic indicator. it's come in 10.4 in may, below the consensus number which was 110.9. current conditions index, 114.8. the consensus forecast was 114.5. the german expectations index, 106.2 in may. the consensus forecast, 106.6. the april number was 111.2. we have dipped down from that. a lull they're talking about seeing in the german economy in may, no revisions to the april indices. euro's been weaker ahead of this number and indeed it is ticking down again. down to 136.36 is where we stand at the moment. we are
. >>> and spain's credit rating is raised to bbb. structural reforms are paying off for the country. >> the upgrade to the growth forecast for the coming years that we see are a reflection of some of the fruits being harvested of the structural reforms, labor markets reform that has been enacted. >>> you're watching "worldwide exchange," bringing you business news from around the globe. >>> warm welcome to today's edition of "worldwide...
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May 28, 2014
05/14
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the underperformance of the italian bond market relevantive to to spain for a long time now. it may well be over. it's the standout. there's a hope that electoral reform will bring genuine progress in italy towards turning the corner for the long-term economic outlook. time, there isn't much time. please hurry. >> for the uk and david cameron in particular, what was the quote, too busy, too interfering. is this a way, perhaps for him to go there and say this is the situation back at home? i need to turn that message around in the next year's time. do you think he'll see angela merkel be receptive as far as change is concerned? >> i fear not. in the sense that the credibility of the uk as a reliable partner in brussels has significantly suffered over the last few years. the idea of using everything else, like the pols, the czech' and so an so on. will he find a friendly audience in brussels? no doubt. >> no change there, then. i'm used to that one when i'm in brussels. >> against the euro, sure. i think that the pound can continue to eke out gains relative to the euro from her
the underperformance of the italian bond market relevantive to to spain for a long time now. it may well be over. it's the standout. there's a hope that electoral reform will bring genuine progress in italy towards turning the corner for the long-term economic outlook. time, there isn't much time. please hurry. >> for the uk and david cameron in particular, what was the quote, too busy, too interfering. is this a way, perhaps for him to go there and say this is the situation back at home?...
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110
May 30, 2014
05/14
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spain's main index fell 0.3% on the news. now with the ecb widely expected to take action at the june meeting next week, speculation surrounds the exact measures that mario draghi may use. narrowing of the rate corridor, targeted rtos and positive deposit rates. james, good morning. >> good morning. >> never mind inflation, the lending data yesterday. what have we got? bank lending to the private sector is contracted for 24 straight months. irrespective of what's going on in the inflation fund they have to be addressing this surely. >> absolutely. it's abysmal. how do you free up credit flows to particularly smes. the inflation numbers are pointing the same direction as well. all the data essentially signalling that the ecb needs to do something. going into next week's meeting, the market is very much expecting action. the question is what form will the action take? >> answer the question. >> the way they've been talking recently suggests that it's very much a possibility that we could see that. it would not be a major surpri
spain's main index fell 0.3% on the news. now with the ecb widely expected to take action at the june meeting next week, speculation surrounds the exact measures that mario draghi may use. narrowing of the rate corridor, targeted rtos and positive deposit rates. james, good morning. >> good morning. >> never mind inflation, the lending data yesterday. what have we got? bank lending to the private sector is contracted for 24 straight months. irrespective of what's going on in the...
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May 7, 2014
05/14
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gilt yields down at 2.65% and ten-year italian yields following spain below the 3% mark as well. the currency market, the dollar is off across the board. dollar/yen, 101.52. the euro dollar hit a two-month high of 1.6952. >>> carlsberg, the beer giant cut its earnings forecast after missing expectations for the first quarter. he cited russia and ukraine as the main culprits for the decline. joining us from copenhagen, jergen rasmussen. what are your assumptions about the decline in that market? >> can i make a point that quarter one as i'm sure you're aware is a very small quarter for the beer industry and certainly for carlsberg, accounting for maybe 5% of annual ebits. we say not to read too much into numbers on a small quarter because that can do a lot to yield comparisons. back to the question about russia, yes, we thought going into the year that the russian beer market would finally get to a point where it would be close to flat or slightly declining. and then we have this event happening in ukraine and crimea. having a very negative impact on the russian macro economy, we
gilt yields down at 2.65% and ten-year italian yields following spain below the 3% mark as well. the currency market, the dollar is off across the board. dollar/yen, 101.52. the euro dollar hit a two-month high of 1.6952. >>> carlsberg, the beer giant cut its earnings forecast after missing expectations for the first quarter. he cited russia and ukraine as the main culprits for the decline. joining us from copenhagen, jergen rasmussen. what are your assumptions about the decline in...
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May 21, 2014
05/14
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where we're not represented so far from the czech republic, from hungary but also from croatia, from spain. we could really see a more diverse and a stronger group. >> it looks like as though you're polling very well in belgium. but that certainly won't be enough for you. ska, this could be europe's big moment. the euro crisis is pretty much done. we're on a recovery path. despite that, though, it seems there isn't a whole lot of enthusiasm for these elections. why is that? >> i think it's because i wouldn't be under the assumption we're out of the euro crisis. we have 26 million people inside the eu being unemployed. among them 5.5 million young people. we're rally not out of the crisis. we're still deep in the middle of the crisis. we have to overcome that in order to give people hope and perspective again. for that we need to make sure that we overcome the current austerity measure which is have only brought deeper and deeper into the crisis and which have drought many jobs and brought people to poverty. we need to make sure people feel it's going upward. for that they need good, qualit
where we're not represented so far from the czech republic, from hungary but also from croatia, from spain. we could really see a more diverse and a stronger group. >> it looks like as though you're polling very well in belgium. but that certainly won't be enough for you. ska, this could be europe's big moment. the euro crisis is pretty much done. we're on a recovery path. despite that, though, it seems there isn't a whole lot of enthusiasm for these elections. why is that? >> i...